Financeroll.com -- U.S. stocks slid more than 3 percent on Monday for technical correction and after weak results from Bank of America reignited concerns over the state of the banking industry and the economy.
Wall Street's tumble was broad-based and follows a six-week winning streak, the longest for the S&P 500 since 2007, with the Dow scoring its biggest gain over the period since 1938.
Dow component Bank of America shares plunged 24.3 percent to $8.02 despite reporting a rise in profits. Bank of America's earnings report raised questions about the sustainability of recent better-than-expected results from banks after the company said its credit quality deteriorated markedly.
The Dow Jones industrial average dropped 289.60 points, or 3.56 percent, to 7,841.73. The Standard & Poor's 500 Index tumbled 37.21 points, or 4.28 percent, to 832.39. The Nasdaq Composite Index fell 64.86 points, or 3.88 percent, to 1,608.21.(RTR)
